996 as First Car for College Graduate?

Hello Rennlist; longtime lurker, first-time poster. In less than a year I will be graduating from college and my projected beginning salary coupled with the sale of my current vehicle, a hand-me-down 2004 Ford Explorer, means I can expand my horizons and finally get a car I'm really excited about. For a while I had been back and forth between year-old examples of the Infiniti G35 and the new Lexus IS350, but I recently had the opportunity to get some seat time in a 996 which, naturally, I thoroughly enjoyed... you guys know the feeling. While I could comfortably afford a 3.4-liter 996 C2 (good early ones are around the same price as the G35s and IS350s I'm also considering), I'm worried about maintenance. The G35 and IS350 would be recent Japanese cars with warranties, while the Porsche would be an ageing German car long off-warranty (with a younger driver at the helm!). Of course, before any purchase, I would find a nice example and get a good PPI, but of course that does not alleviate all concern, and if mechanical reliability got too bad (and I've heard some horror stories) I could be in some trouble. I know the saying is "You've got to pay to play," but a saying of mine is "You only live once," and while the G35 and IS350 are exciting, they aren't a 911. Do you think it's possible to get a 996, or should I keep looking at the Japanese sedans and save the Porsche purchase for when I have some more money? Is it possible to run a 996 911 mostly trouble-free for the next few years, or am I kidding myself?

Wow, sounds so familiar. I too was in your very same situation. I'm 26 now, and have my first Pcar, a 2000 996. I found myself reading to death about the bad things that could happen with the 996s . . . but forgot to realize all the good things that go alone with having a Porsche, particularly a 996. Let me explain. The internet, with forums such as these, will have a lot of stories about the problems people are having. And yes, you should consider them, but don't for a second believe all things in these forums happen to everyone. I bet if you were to look at G35 forums you'd see a ton of threads dedicated to problems with that car. I know I did when I had my 04 F150. My car has 63,000 miles and has been superb in every way (knock on wood, lol). You already seem to know the value of a good car and a good ppi, so I say when the 996 comes around that checks out, go for it!!! You will not regret it!

You probably don't want to hear this from an old guy (49 yo) like me, but the best advice I got on graduating from college was: live the next five years like you're still in college and save all you can. If you do that you'll be so far ahead financially, you'll have no problem affording a Porsche. Just my $0.02

Actually I would love to tell you to damn the torpedoes, but honestly I wouldn't buy one of the older cars without some reserves for major events. Maintenance isn't going to break your back. It takes off the shelf mobil 1 oil, and you can cheap out on tires and all that. It's the big stuff you need to evaluate you readiness for. Even with a six figure income straight out of college, I went with a warrantied new MB that I could afford to buy in cash, and I wouldn't buy any car that sold for 80-90K new without a sufficient reserve for unforeseen expenses. The justification in buying an older car with no warranty is that the money you save on depreciation and the CPO/third party warranty premium may deliver a better return in a liquid investment vehicle. If you are squeezing into it, and are not choosing between reserve/no reserve, you're on a tightrope. In all likelihood nothing happens which requires you to break the bank, but if it should and there's no bank to break, well... My advice to you is to hold onto your relatively late model explorer for one year of your employment, you'll take a bath selling it with these gas prices right now anyway. Save a ton of money, and then in year 2 buy that 996 you really want.

I bought my 996 with 35K miles on the clock a year ago. I have changed the oil a few times, some new tread, some other fluids here and there, and should probably get it serviced again soon, but I now have 54K miles on it. It's been in a few times for minor things that were covered under CPO. If I had to guess....maybe 4 or 500 bucks in stuff if I hadn't been covered. Still running the same as the day it arrived. Ridiculously reliable cars for what you get. True...it's not a honda or infiniti...but those cars aint Porsches. I would say grab an '02 or newer if you can swing it. Good luck! J

Agree with PJorgen - my advice (and yeah, I'm even older than he is) - put as much of your salary away in a 401K and drive a POS for a few years. Then get the car you really want. Just my $0.02 - which is what you'll have in your savings account if you buy the P-car now. You've got lots of years to satisfy your Porsche itch. Try to hold off scratching it for a bit!

Quotes source post: 5578898

Same advice here from me. Save your money. Someone around here said something a few days ago that sums it up well. You might be buying a used car for $25K, but any expenses that it needs are based upon it being an $80K when new. Right now saving is the wisest move - come back and buy the 996 in a few years.

Quotes source post: 5578898

But it's so hard! Thanks to the posters thus far for advice. To be honest, a car is going to be the ONE luxury I give myself after college - otherwise I'll be living frugally; I buy cheap clothes; I only eat out on special occaisons. The Explorer is a nightmare on gas and since its driving dynamics are so ridiculously flawed there will be a new car... the question is just what. Saving money is very important to me, so even though I could swing a decent 996 (unfortunately, probably NOT a 2002... more like a '99 or '00), a load of issues would give me practically nothing in reserve, which I won't allow. Thanks for the messages regarding reliability and specifically to justinbig87 who has some experience with this exact situation... keep 'em coming! (btw, PJorgen , the greatest gift in life is perspective, and you have more than me - I always appreciate hearing from old guys... though at 49 you're more than a decade younger than my dad, and I don't consider him an 'old guy' just yet )

it's not the 996 in particular that you should be worried about, it's any originally expensive old car with no warranty as your primary mode of transportation. Whatever you decide, either go cheap or go warranty. My vote if used no warranty then S2000 OR just lease (if you have job security through the end of the lease term) a new G35 or a BMW for 24 months, they generally have artificially high residuals built in so you pay for less depreciation than you would really experience if you owned, and your costs are predictable (with the BMW practically set in stone due to included maintenance). When you've got capital in hand for a second car, swing for the fences!

Quotes source post: 5578927

Well, I'm up there with PJorgen in age, but I feel a decade older! My creaks and moans agree with me. Anyway, fresh grad or not, it all depends on your budget and income. A significant portion of your net income should be budgeted towards a long term investment. Even budgeted towards saving against future costs, i.e, renting a house/apt vs owning one. That's just an example to illustrate a point. Create a financial cushion, a safety net. Should your life take a sudden turn for the worse, you've got something to rely on. If, after that, you have cash to pay for the Porsche, go for it. Realize that although Porsches are reliable, routine maintenance and parts are more expensive than your "regular" car. That's the sensible, fatherly advice from me, an old man with 4 children. Now, me, when I was at your stage, blew my first paycheck on a heavy duty stereo system and ate dinner on an ironing board that also served as my work table in an otherwise empty apartment. Then I traded in my wheezing POS car for a brand new VW Scirroco. If I could have swung it, hey, I would have gone for that Porsche! You only live once! And, when else should one take a risk, if not when we are young and can afford to make mistakes since we have all those other years to make up for it? Buy that darn Porsche!! Take a few "nice" girls out in it. Enjoy life, taste life, live life! Make a few pratfalls along the way, just make sure you survive them and don't go into the criminal justice system. Just make sure you realize that this is only for a finite period of time. Sooner or later, your life is going to be ruled by that one tenet, "Do it for the future". Keep an eye out for when that time is right for you. Until then, live for today!

plastics... and have sex with an older woman then get an Alfa. Priority 1: 401/IRA 2: Home 3: car You can live in a car... you can't drive a house.

Can you: afford a clutch at 1500 or so at any moment affort 150 dollar oil changes... afford a slave cylinder with 5 hours of labor involved..... Afford brake rotors at hundreds each.... afford the cheapest tires (likely the new sumitomos at about 600 for 4) once a year... afford the insurance.... Even if you could, look at a Mini Cooper S (better gas mileage) or perhaps the IS....free service/warranty do count when you are not flush. I waited 19 years after I graduated...and I could have bought one on graduation day. Just my 2c. JB

I got my first Porsche when I just out of college in my first job. You only live once and having a Porsche when you are that young is a really nice feeling. I have some really nice memories of the good times I had with those first Porsches I owned. I don't think I would be remembering a lesser car quite as much. There are some really good deals on Porsches out there right now. You can buy a really nice 996 for just around $20,000 if you don't mind a few extra miles. Yes, you have to be prepared for a big maintenance bill if something goes wrong, but just about any car can surprise you if things go wrong. If you can get yourself into a CPO car (but that will considerably more than something in the $20K range), you know you will have at least 2 years without having to worry about a super expensive repair. As they say, you are only young once - enjoy it.

I'd get the best new or CPO'd car with warranty that I could afford (Mini Cooper, G37, R32, etc.), then in a few years get your first Porsche.

Dude I will tell you this. I bought a 99' Boxster when I was 17,on my own. No help from Mom and Dad. If it wasn't for these forums and meets I wouldn't know how to do jack to it........... I was taught how to change the MAF $200 D.I.Y.........$600 dealer. Oil Separator $120 D.I.Y........$650 dealer. H & R springs $100(from forum member)D.I.Y........$1k labor at dealer to install. Just learn how to wrench on one and you'll be fine;oil change,air filter,spark plugs,cabin filter,serpentine belt,tranny fluid & radiator cleaning. DO NOT GET A SUPER LOW MILEAGE M96 ENGINE. Go for one with 40-60k on it,that way most of the manu. problems should have surfaced. You do not want to get stuck with a $10k+ engine swap bill. Oh yeah by the way,now,3 years after my first Boxster I have a 01' Boxster S,my Dad bought a 01' 996 911. These things are contagious. These cars are fun,but don't let it control all your funds. Insurance for a 20 y/o o be a driver on a 01' Box S was $5k/year..........I'm put on a van as a primary and Box as a weekend car for only $1.2k/year. Just something to consider.

Don't buy anything that you can't pay for in CASH. If you have payments, you are preventing yourself from building wealth. NEVER buy a brand-new car! There is no such thing as a good deal on a new car.

The car is cheap compared to a wife and yes usually less maintenance cost as well. Get the car, work hard and don't get married for a while and you will be fine.

I was going through the same debate about 2 months ago. I am 3 years out of college and decided it was time to sell the motorcycle and get a nice car. I was debating between a new G37 and the 911. I ended up deciding on an '01 Carrera 4 with about 50k miles. I absolutely LOVE it. I have a little money set aside, but nothing to cover being unemployed, etc. I figure if something that drastic happens, I have a P-car I can sell. I would say get the 911, but make sure you take the time and fully understand your finances before making the purchase. Then take your time and find EXACTLY what you want. Good luck with the hunt!!!

Although I basically agree that it�s the right decision to wait some years to get a nice car like a 911, it's hard to sell this argument to a car enthusiast and I wouldn't have followed this advice some years back either. However, you're coming from an Explorer so you'll appreciate almost any nice German car and don�t need to jump on a 911. My advice is therefore; get a 1-2 year old BMW 3 series or even a VW Golf GTI. These are damn fine cars that teach you how to drive and guarantee a lot of fun. When I was about 3 years post business school, I got a 2 year old BMW and loved this car; btw, I paid cash. Honestly, I think it was THE car in my life that gave me the most enjoyment, even more than my 996 that I got with 33.

I found myself in a similar situation a few months ago. Although I am still in college, I will be commissioned as a Naval Nuclear Officer when I graduate and the benefits of my program, which included a bonus and salary, allowed me to consider purchasing what has always been my dream car, a 911-996. I was however on the fence like yourself as to whether I was digging myself a money pit. One thing that I did which put the true cost into perspective was plan out a hypothetical maintence schedule with costs to determine an appropraite amont of money to put away each month so as to have a reserve of cash, as well as cost of insurance to really see the true cost of ownership per month. Then I calculated the same schedule for my second choice; a cheaper, less expensive to maintain car. Additionally, I knew that the difference in money I saved between those two, both in inital cost (I would pay for either in cash) and monthly cost, would go into a mutual fund account of mine. I then hypothetically figured out what I would make over the course of five years of ownership. Long story short, I found that the Porsche would cost about 10-12000 more over 5 years. What did I do? I still bought the 996!! It came down to the fact that I wasnt getting married soon, I didnt have alot of other expenses, I had at least 5-8 years of solid job security, it was my DREAM car, and I didnt think it would make sense to buy one again until I was much older. It was a little bit of a risk, but I made sure that I knew exactly what I was going into and weighing that against the emotional factor led me to my choice.

It has been said by others... buying an expensive car is probably not the best move for you right now. If you own a house, can put away $1000+ a month into some type of savings/investment/401k, and can still afford the 996, then by all means go for it. Otherwise, I would point out that the housing market is still in a slump, and there are some great bargains on homes out there. Drive a honda civic, and spend your money on a house (no need to rent and pay someone else's mortgage). When the real estate market cycles back up in a few years, and you are making even more money, you can upgrade your house, and maybe even use some of the equity to get yourself into a used 997 without needing a loan. Yes you only live once... which is why you want to do all you can to retire as soon as possible, so you don't waste all of your one life working. You are at the best age to make this happen, but unfortunately 99.9% of people your age screw it up... I know I did, and it required a lot more cash later to get back ahead of the curve. Rob (hoping to be done working before 50)

The Porsche is expensive to maintain. If anything major goes wrong with a 99 or 00, the cost will be in the thousands not hundreds. I would really go with a newer GS or Lexus. Hey, those are pretty sweet cars right out of college. I drove a POS Chevy Cavalier.

I went through the same dilema when I graduated from college, I wanted a 911 since I was like 5yo. I saved money since I was like 16 for it, when I got my 1st Job out of college I used some of my savings + my sing-in bonus to buy a 2002 C2.. I couldnt sleep for almost a week thinking about how crazy the whole thing was, but now 2 years later I still have the car, I have savings, I had increased my income by more than 25%(remember you get raises/promotions). The car had 0 isues I have done all the maintenance work myself, I have learned a lot about the car and about how to drive it.. in a few words I do not regret my desicion. Other things you should take into consideration are: Insurance ( I pay 1200 a year for a $500k coverage) Do u have a daily driver? (I have a company vehicle) Do you have where to park it? Dont forget to take into acount maintenance/wear items in your monthly calculations (example: tires ~$1000 for a set=~ $85 a month) so you have to know that you need to save that amount every month! do the same with every item to have an idea. I think that if you are making close to 6 figs and are paying cash for a good $30k-$40k 996 and have no debt or kids you should be fine.. just dont forget to max out your 401k and you should be fine... I am a living example of that

Do I have to state my age to qualify my comments? I'm 37 and I would encourage you NOT to buy a 996 as your first (only) car. There are a lot of reasons I can think up, but I'll just name a few. Cost, maintenance, tires, insurance, what do you buy next? a ferrari? I would invest. If you have them money for a 996, take it and and buy an apartment to live in. The market is almost at an all time low, get in now and start reaping the benefits of the tax deduction and equity at the market turns up. In the meantime get some econobox and ride out the storm.

Instead of buying a Porsche, buy a used Civic and a couple personal finance books. Once you read a few of them, you'll be excited about the prospect of becoming a millionaire, and will scoff at the thought of throwing your money away on car payments. The age you are at is the PERFECT time start saving/investing, and you will set yourself back severely by wasting your money on a car. Read "The Millionaire Next Door" and a couple finance books before you toss your valuable wealth building tool (your income) down the drain on a toy.

I think you should live the American dream. Overextend yourself like it's your last day on earth and get the newest 911 the bank will let you drive. And while you're at it, how about an interest only mortgage on a million dollar house? Don't worry about the payments, if you fall behind, just blame the lender! Then the Gov'ment will help you out. Sorry, I just watched the news again. I hate when I do that. Show us all that you actually learned something in college and save your money.

Maybe a used VW, the engine is in the same end

Go buy you a house while the prices are falling. I am gonna buy a few next year, hopefully, the prices will be even lower. But I know how you feel when you are at that age and nothing else really matters. Just think in a few years when you have all that equity in your home, you'll be able to buy you a really nice P-Car. If you wanna make lots of money, be your own boss and start you a little side business to go with your full-time job. Just make sure you start a business you like and know something about. Nothing worse than banging back a few and getting sucked into those infomercials around 3am.

When I got my first job at 23 I was in a similar situation. I had an old 87 Tbird Turbo beater from college and it was time to buy a car with my new found paycheck. I figured that when I get older I would probably make more rational decisions and I should get owning a nice car out of my system. So I went and bought a 2 year old corvette and loved it!! I still had the beater T-bird and did all right. Now if I was smarter, I would have bought a house...which I did eventually but it is tough to make such sane decisions when you are young and single. I'd say if you are gonna make a decent paycheck...go ahead and get the 911. Make sure you have a beater to go with it and extended warranty. 9 years later...I have graduated to P cars but still have fond memories of owning a c5 corvette at 23.

Has anyone noticed the comical trend in this thread - older people are telling me to save while younger people are telling me they have no regrets on doing exactly what I'm pondering! The funny thing is, those younger people will probably turn into those older people in a few short years. To be honest I thought posting here would completely disavow this notion, but the fact that three or four guys in my exact situation who ended up with the 996 are happy with their decision surprised me a lot. I think I'm even more confused than when I posted in the first place! But I think the fact that response was not overwhelmingly (just mostly) negative means it MIGHT be possible. Time to do a long-term budget and go over everything time and again.

i think that Over the next couple of years you will be able to buy property for much cheaper than you can today, you will be able to buy companies (shares) for a fraction of what you are paying today. Second hand cars, expensive ones, will definitely get cheaper. Your job may not be there for ever either.... enjoy what you have and wait a little. Nobody should be in a rush to spend cash at the moment, too much uncertainty. If in 6 months time, what I have just written looks like complete BS, then buy the best 996 and go nuts. You will still have your cash then and you will have had more time to get excited about it. no downside.... you were right... I was wrong.. you still get your 996.

Quotes source post: 5578911

SO TRUE!

Quotes source post: 5583593

HE HE, wise too, my best advice, pay yourself first, think of yourself first, if you want it, get it, because you will never be satified, even after getting it. I'm lazy and this still seems to work for me....... IF YOU'RE NOT FIRST, YOU'RE LAST, love this quote. Also, I WANNA GO FAST. Brilliant!

a lot of good advice have been given. however, have you started work yet? do you consider use the 996 as your only car and drive it to work? read the "drive my p-car to office" thread. you will be amused how people react to a low-20K used car.

Basically the same dilemma for me, only years ago and my "dream" car was the 928. I was nearly broke, "temporarily" living at home, and STILL bought a 5 year old model with 40k miles for half the original price of which I financed half of that (about $10k). Obviously CRAZY, but I loved that POS and it did improve my social life (although it definitely inferred a much higher cash flow than I had at the time). Looking back, I did spend WAY too much on maintenance, drove it WAY too many miles (over 200k) and added WAY too many points to my license(s). Would I recommend this choice to others? NO Would I do it again myself? maybe...

Quotes source post: 5583543

I'm an 'older' guy with a twist(I don't feel my age) and my advice would be to follow your desire for a Porsche...pull the trigger on the car that impresses you and do your research before you buy.Otherwise you'll be following the sage advice of people twice your age who have little in common with you. You're young enough to rebound financially if you make a mistake concerning a car purchase. Enjoy today, you'll have plenty of time to figure out the future.GL

without reading every post, here's my take. i bought my first P-Car at 27. i loved it and would do it again in a heartbeat. that having been said, it was my primary driver and wound up costing MUCH more than i'd planned to keep it nice. the 996 is a great car, and MOST are highly reliable. the question you need to ask is this: if i buy this car and the motor pops after six months, can I pay the $14,000 to put a new motor in the car? if that answer is no, then you need to wait. EDIT: IF you can get a warranty that will cover a blown motor, i'd go for it.

What do you call a 22 year old, male, driving a sports car, (especially a gaurds red, Porsche), with points and living in NJ??????........... POOR!!! I would check how much insurance would cost first.

Like some of the others have said, save your money. Buy a decent USED car that you can drive daily. I bought my first Porsche at 30 (last year). I've already paid for a clutch (when having the RMS replaced), tires, and brakes/rotors (due to improper use of a wheel cleaner/hosing it off before winter storage). I know you can probably afford those things, but the question you should ask yourself "is it smart to be spending money on those things?". Wealth is created but what you spend, not by how much you make. A car is a depreciating asset, and therefore depletes wealth. So the key is to use cash to invest, and buy the car with the recurring investment income you create. That income continues long after the car is paid for. If I was you, I would first focus on buying a house/townhouse/condo. Now is a perfect time to buy real estate and you'll be much better off in 5-10 years if that's what you do first. Buy the book Rich Dad Poor Dad by Robert Kyosaki and read it. Some of it is cliche, but it is really good advice that will give you a different perspective. Sorry for the lecture, but be smart with your money and create wealth. Then you can pay cash for your Porsche and have a lot more fun driving it. Good luck!

Quotes source post: 5598636

Very good book, and I find myself reading it over and over all the time.

Every guy I've ever met that's waited has told me the same thing: "I'd have enjoyed it a lot more when I was younger." I guess I don't think of it as an "all or nothing" deal...hell, go find a 996 with a reman engine or get a Boxster S or just make sure you have a warranty...these are $20-30k cars, and the maintenance is actually cheaper than any other car I've ever owned. It's not quite as "outrageous" as many here are trying to make it sound...I almost think that a lot of people just don't want to admit to themselves that owning a 996 isn't quite the unattainable feat that they'd like to think it is or was when they got one. I've read Rich Dad, Poor Dad and The Millionaire Next Door and all the other books, and those books teach you how to have the equivalent of $10M in the bank when you retire...I'd rather have $5M in the bank and have done everything I wanted when I was young enough to appreciate it. Hell, I'm ****ing 30 years old and don't even hardly get a chance to drive my Porsche these days...work is so hectic that I find myself all over the state, almost always behind the wheel of a 3/4-ton pickup.

24479, my POV is that you only live once. If you already gave up on a few things while in school, treat yourself now. Money comes and goes... but in the end it's just money so who cares. Who knows what can happen tomorrow. Get a Porsche !!

Quotes source post: 5598747

You'll notice I didn't mentin The Millionaire Next Door, because I don't believe in the philosophy of living like a poor man to save money for retirement. But I do believe in creating wealth by being smart. It's hard to have $5m in the bank at 35 or 40 without focusing on wealth creation first. To the OP, I'd say buy a Boxster for $17k and have fun with it.

Quotes source post: 5600462

I totally agree with you bossman. I am 28, and I bought my first Harley when I was 23, my first Riva (see Avatar) when I was 26 - and they're way more expensive than Ferrari's - and just closed my first P-car last week. All Riva owners (usually 50+) that I meet, keep telling me that they envy me for having had the ***** to get one so young and enjoy it like I do. The satisfaction of having & using them is unparalleled. Sure I could have put everything in my 401K or buy a bigger condo, but in the end it's all about what you are: Do you prefer savouring the present and hope for the best? or live like a squirrel and amass nuts for future enjoyment? I am sure you're smart enough to find a happy middle

Quotes source post: 5600462

Oh, absolutely agreed...it's probably the best compromise, as long as he gets an "S"...

I bought my 911 4 yrs out of college, but I'm also making decent coin. If I were in your situation, I'd buy a more reliable Japanese car like a G35 coupe, which is 75% of the fun of a 911. If you can't afford the maintainence/repairs on an aging 911 you will never be happy always wonder what will go wrong. I hardly drive my car (travel too much) and it is still a very expensive car to maintain. Tires are 10K mile items (lead foot), parts have an outrageous markup, you have to use premium gas etc, etc. If you're not earning 6 figures, forget about it.

My first car after college was an 11 year old 944. I'm glad I did it (I'm pretty mechanically inclined, and learned a lot about working on cars on that one.) It was an excellent spring-board to what has, so far, been a lasting love of Porsches. A few questions you may want to ask yourself: -how much work are willing to do yourself? -what do you hope to get out of the car - just drive to work, autocross, driver's ed, etc.? -is a 996 the only one that piques your fancy - what about boxsters, 951/968, 964, etc.?

College...the best 8 years of my life. So, now I am 3 years out of college, 29, bought a house and the BIGGEST mistake I feel I made was buying a car on payments. Add to that a house which was a "fixer-upper" (we knew that going into the deal, bought the house real cheap so that was a GOOD $30k to spend) that I have put $30k into int the last 2 years and basically I wish that I had bought a cheaper, USED car fresh out of college car. I have vowed to never buy another car on payments again. Between my wife and I we make a decent coin, no kids and we still think that $25k cars are expensive. Add to that a new car which you are "stuck" with due to depreciation... A used 996 is going to be about the same price as my new car. At least the bulk of the depreciation is done, but the maint. fees are going to start to add up. In short, I would have to agree with the older and wiser members who said to save now, and don't buy until you can pay cash. Maybe keep the beater and buy a 911SC for cash in a year? That is the route I wish I had taken. I love my DD, but it's not the same. I'll keep that as my "beater" for a long time and pick up a used 911 in a couple years...for cash...and have BOTH cars paid off and fully depreciated.

^ Good post 64_Comet The main problem with youngsters - or Americans in general - is instant gratification and refusing to just wait a few years until you can afford an item. So many people assume that it's the American way to always have car payments, to buy things on credit, and to have payments sucking the life out of you. Years go by and you're no better off than when you started, and all that stuff you accumulate doesn't bring you happiness or peace of mind.. it's just "stuff". Unfortunately most people don't realize this until it's too late, and they've lost precious years throwing money away on monthly payments before they realize that they could have had a huge nest egg built up, but instead they wanted to show off by driving some car, or buying an expensive watch, or whatever. By delaying buying expensive toys, they could buy nicer toys and pay for them in cash, but they'll never get there by throwing money away when they really can't afford it.

Quotes source post: 5602806

^ That's true and is one of the reasons why the US is one of the few countries in the world where people have a negative savings rate. I experienced that it's not a bad thing to start with debt as it teaches to monitor your housekeeping bill better. However, you have to be selective with which goods you finance. Everything that depreciates over time should be bought cash. Appreciating assets can be leveraged - like houses (yeah, sometimes their prices seem to appreciate ).

If you feel comfortable with the purchase, and have a fair amount of savings for yourself and the p-car just do it. I bought my first and second 911 this year at 29, but I have compiled a good amount of savings and my investments are definitely in order. Enjoy it while you are young, but make sure you are still able to enjoy it while you're old.......

You have 80 years to play with toys ! Wait save your cash, buy a 3 family rental income property within the next 2 to 3 years. Find one with positive cash-flow after your mortage. When you have saved enough to pay cash for a 911 go for it prices will be lower on P cars and you will find a newer model year. The rental income will help you cover Tires/Insurance and repairs. The property can save you taxes and will increase in value also be insurance for the ups and downds of the job market. Good Luck !!

Houses and stocks are on sale right now. Save and buy a house/condo. Before you do anything else make sure you are maxing out a 401k and Roth IRA. You will probably grow out of the latter after 5-10 years. Go test drive a Boxster or 1995-99 BMW M3. Either of those cars will be a blast to drive and a better intro into a 911.

First, I have to commend the previous posters for their mature responses. On most car forums the advice would be to buy the car and don't worry about the economic consequenies. Although you can buy a 996 for the price of a G35, the maintenance cost for a 996 will be consistent with its initial price of around $85K and not the $30s of a G35. This doesn't necessarily mean that you will necessarily incur substantial maintenance costs, but you have to be financially prepared for it. I know that this isn't the advice that the OP wants, but the prudent thing would be to buy a car that you can easily afford, and spend most of your income on either buying or saving for the purchase of a house or condo.

Quotes source post: 5606379

I actually say that you have 80 years to save money (in fact 35 from 25>60), but you will probably enjoy your porsche better between 25 and 40... Go with the porsche as long as you don't have to live in it... you already made some sacrifice in college to buy your dream car... go to the end of your dream - savings can wait as long as you don't put a rock around ur neck

^ best to start investing as soon as possible - compounding interest doesn't like to wait.

I bought my 99 996 2 months after graduating college- first, I bought a house. Of course my wife and I graduated together with our engineering degrees. If you can afford it and still be able to put money back, that would be best. Had I waited and saved up the $ instead of paying it off over 3 years, I would have been much better off. For the same price that I paid in 2004 for the 99 (and earned interest on my savings) I would be in the market for a 01 turbo by now. But then again, I have really enjoyed my ownership for the last 4 years

Quotes source post: 5606583

Not sure why people keep saying this...the maintenance on my 996 is remarkably less than the maintenance on my pseudo-G35 truck. Sure, tires cost money, but I've put 10k miles on my tires and they're not even close to needing to be replaced. I guess I don't count any of the "unexpected" stuff as "maintenance"... In any case, I'm not sure why it's gotta be an "all or nothing" type of deal...find one with a replaced engine for less than $30k and go for it if it fits into your finances along with proper investments. I do agree that one shouldn't buy a 996 if they can't afford to put something away each month, but those people wouldn't even ask if they should buy the car...they'd have just done it already. In my case, I bought the car when I was 28 and don't regret it for a second. As I implied in a previous post on the subject, since the 996 came down in price so quickly, I think a lot of owners are biased against saying that it's OK to buy one when you're younger, 'cause the price of entry didn't allow them to. IOW, someone buying a 996 in their 20s right now isn't nearly the same kind of situation it was even five years ago, and I think some people are afraid to admit that 20-somethings can gain entrance into the little "club" these days. Bottom line? Put me down as "go for it"...you've probably already put more thought into it than half the people in this forum. Buying a P-car doesn't have to be the difference between financial success or failure...do your due diligence, get a PPI done, get an extended warranty (that actually pays) if you're really worried, and make your decision. And hell, if your lifestyle permits, just get a Boxster S as recommended in a few previous posts--it would be even cheaper. I couldn't, however, rightfully recommend buying an older, air-cooled 911...THAT maintenance WILL surprise you. YMMV.

Im a young guy (been outta college 3 years), and Im a huge fan of saving and investing, but come on folks, we are talking about a $20kish vehicle here. He trades in his exploder, and spends maybe $16k. Decent salary may be like $55-60k. Unless he lives in the nyc or socal areas, that will cover rent, utils, food, etc, and have a lot left over. If he wanted to purchase a $60k GT3, I would be all over the "save the money" bit, but since he is buying a new car anyway, he may as well get a 911. Repairs may be pricey, but a $5k slush fund should go a long way assuming no major blowups.

I would recommend buying the G35/IS350 and wait to buy a 911 when you can also buy a beater to go along with it. A 911 that old, out of warranty can cause serious problems for someone who's not ready for it. You probably need a reliable car you can count on.

I think the OP checked out on this one a while ago.

Quotes source post: 5612322

Can't say I blame him!!

I think he wasn't expecting us to give him sound advice.

Ya, but sometimes we come across like know-it-alls. Maybe he just wanted some info about the Porsche!! After all, we're not his parents and this is a Porsche BBS!!

Quotes source post: 5612410

there were definitely some life lessons being taught haha heck i only told him I'd wait one year so I could afford to buy it in cash, and then make the decision on whether or not to lever up!